Blockchain, as Big as the Internet
Our society and its economy is run by many factors, so many it would be near impossible to keep track of them all mentally. However in all the various ways our economy works, the main factor is money. Always, money is the drive and in constant need, constant demand. So what if we took out our current understanding of money and replaced it with a fully technology based currency?
As our society progressed, we have watched an increase in it’s growth in ways that it could serve us and allow our lives to be just a little bit easier, most of the time at least. So it shouldn’t be too surprising that technology becomes the new form of currency. Heck we already have credit cards and online accounts and things that completely remove the physical interaction of money, this is just the next step.
Blocks chains are the topic of discussion once again due to its potential to change things around and put an end to our cash-based society.
Currently there are nations’ central banks looking into the idea of blockchains as a replacement currency from which people can buy, sell and trade from, a digital wallet of sorts.
So what could blockchains offer that our cash-based society cannot?
- Anonymity- The ability to do any transaction without the fear of others keeping track of you. This means things like product sales marketing would become harder for businesses to do, at least in a specific manner. No longer would they be able to see that 24 year old males buy the newest dungeons and dragons manuals, and cater to that knowledge to pressure and increase their sales in some manner.
- Convenience- From what the understanding is thus far, its basically like having a credit card on you 24/7 and always being an accepted form of payment, but without the card. This means if you have access to the web through any of the prominent devices, you have your money with you too. So no more excuse of “Oh, can you pay for this? I forgot my wallet at home again”.
- Potential for growth- Blockchain is being compared to the internet itself in terms of it’s potential for growth and incorporation into our daily lives. Blockchain can be used by nearly every industry and business you could imagine. From small individual businesses to larger corporations, you name it. Blockchains can eliminate the paper trails and be recorded on the ledgers of a block chain, potentially opening lots of administrative opportunities.
- Playing Catchup- Blockchains could actually help places that have been stuck in the past in terms of their recording methods and the way in which they function. For example hospitals which have cutting edge technology but still regularly use fax machines. Blockchain ledgers can really help our societies productivity become even across all areas, potentially shooting our societies capabilities forward as well.
Blockschains sure do seem to hold a lot of capabilities, so whats the problem? Why haven’t we taken advantage of these yet?
Well Blockchains still have some things that need to be addressed. For example, the fact that anyone in a blockchain can see the transactions that occur, even if you don’t want them to. Everyone outside the block cannot gain access and see transactions, but things like medical documents and all of that can be seen by those inside the blockchain where the transactions take place. This transparency along with the potential of being locked out of the blockchain for all eternity because you forgot the hash number resulting in a freezing of all the funds inside the chain, tend to put a wrench in the cog.
While blockchains hold immense and society altering potential, there are still very serious things that need to be addresses and accounted for before it really starts to integrate into our economy. However as we move forward with our days, we should keep an eye on blockchains and their current events to stay on top of potential they may hold.
Keep up to date on your technology and it’s vulnerabilities and solutions with RE2Tech. We make I.T. easy!
give us a call or send us an email and let’s take a look at your system and its defenses!